Wells Fargo Grants for Santa Clara Homebuyers

Wells Fargo can now steer some Santa Clara County homebuyers to grant money through a court-approved settlement tied to allegations of discriminatory lending and hiring practices. A federal judge in San Francisco approved the broader $110 million deal in May 2026, and the agreement requires the bank to create a $100 million mortgage-assistance fund for low- and moderate-income borrowers. In Santa Clara County, the offer matters because Wells Fargo’s existing homebuyer products can already be layered into a package worth as much as $15,000 for an eligible purchase. The money does not have to be repaid, but it is tied to using a Wells Fargo mortgage and meeting the bank’s location and income rules. ### How much help is actually on the table for a buyer? Wells Fargo says its Homebuyer Access grant provides $10,000 for a down payment in eligible locations, and its Dream. Plan. Home. closing-cost credit can add up to $5,000 more. Combined, that puts the maximum assistance at $15,000 for borrowers who qualify for both programs. The bank says the grant never has to be repaid. The settlement itself does not read like a county-by-county coupon. (finance.yahoo.com) Instead, it requires Wells Fargo to stand up a national mortgage-assistance fund for qualified low- and moderate-income borrowers in more than 50 U.S. regions. In many of those regions, borrowers can receive both down-payment assistance and closing-cost credits. ### Who in Santa Clara County is likely to qualify? (sites.wf.com) Santa Clara County buyers need to clear two separate gates: the settlement’s geography rules and Wells Fargo’s mortgage-program rules. The settlement says the assistance will be available to qualified borrowers who live in, or plan to buy in, certain low- and moderate-income census tracts. Wells Fargo’s public mortgage pages say eligibility also depends on location, income, loan amount, loan type, property type, whether the home will be a primary residence, and in some cases homebuyer-education requirements. (finance.yahoo.com) Wells Fargo’s public pages do not spell out a Santa Clara County income cap in the excerpts available online. They do say some related affordable-mortgage products are aimed at borrowers at or below 80% of area median income, while the bank’s Homebuyer Access materials say buyers can check eligibility based on address and income. That means a buyer in San Jose, Sunnyvale or elsewhere in the county would still need a Wells Fargo mortgage consultant to confirm whether a specific property and household income qualify. (finance.yahoo.com) ### Why is Wells Fargo doing this through a settlement? Judge Trina Thompson approved the settlement after shareholders accused Wells Fargo executives and directors of failing to guard against discriminatory lending and hiring practices. The lawsuit alleged, among other things, that the bank approved less than 50% of Black homeowners’ refinancing applications in 2020 and conducted “sham” interviews with nonwhite job candidates to create the appearance of meeting diversity goals. (sites.wf.com) Wells Fargo said it was “pleased to have reached a settlement.” Mark Molumphy of Cotchett, Pitre & McCarthy, one of the firms representing plaintiffs, said the public has a right to expect Wells Fargo’s hiring and lending decisions to be based on legitimate factors. Tyler Redenbarger, also of Cotchett, said the settlement would provide support to people who had historically lacked access to programs of this kind. (bankingdive.com) ### Does this replace other Santa Clara County homebuyer aid? Santa Clara County already has its own assistance options. The county’s Empower Homebuyers SCC program, administered by Housing Trust Silicon Valley, offers down-payment assistance loans to first-time homebuyers and is funded by the county’s 2016 Measure A affordable housing bond. Housing Trust says those loans can cover up to 17% of a home’s purchase price. (bankingdive.com) That county program is separate from Wells Fargo’s grant money. In practice, a buyer would need to check whether programs can be combined, whether the first mortgage must come from Wells Fargo, and whether the property sits inside an eligible census tract under the settlement-backed fund. Wells Fargo says some of its grants and credits can be combined with other select programs. ### When can buyers actually apply? (osh.santaclaracounty.gov) The settlement says the mortgage-assistance fund must begin within three months of the approval order and remain in place for at least three years. American Banker reported the agreement received final court approval in mid-May 2026, which points to a launch deadline by the end of summer. For Santa Clara County buyers, the practical next step is to check Wells Fargo’s eligibility tool or contact a local mortgage consultant to see whether a specific address and income qualify. (sites.wf.com) (finance.yahoo.com)